Inca Minerals (ASX:ICG) raised its voting power in its takeover target, Stunalara Metals, to 73.5%, equivalent to acceptances totaling nearly 33.5 million undiluted shares, according to a Thursday filing with the Australian bourse.
Further, Andrew Haythorpe, who holds roughly 18.7% of Stunalara shares on an undiluted basis and 18.3% on a fully diluted basis, has confirmed his intention to accept Inca Minerals' takeover offer, per the filing.
Haythorpe's acceptance is subject to there being no superior proposal and the independent expert concluding that the offer is either fair and reasonable, or not fair but reasonable, the filing stated.
Inca Minerals' offer is subject to the bidder acquiring a relevant interest in at least 90% of all Stunalara shares on issue on a fully diluted basis by April 4, unless extended.
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